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BXP sells 1330 Connecticut Ave office for $92.3 million
The deal includes $72.5 million in financing from Burke & Herbert Bank & Trust, according to deed records cited by the Business Journals.
BXP sold a 254,000-square-foot office building in Washington, D.C.’s Dupont Circle for $92.3 million, Commercial Observer reports. The property is located at 1330 Connecticut Avenue NW, where affiliates of Jemal Equities made the acquisition, according to deed records cited by the outlet.
Financing for the transaction came from Burke & Herbert Bank & Trust, providing $72.5 million for the purchase, Commercial Observer reports. The story also notes that Jemal Equities’ buyer group is led by Douglas Development Managing Principal Matthew Jemal.
The sale marks the latest step in Jemal Equities’ recent D.C. office buying pace, with this acquisition described as its fourth purchase over about 14 months in deals totaling nearly $227 million. In the prior transactions cited, Jemal Equities bought offices at 99 M Street SE for $93.2 million in May, the Lion Building at 1233 20th Street NW for $12.4 million a month earlier, and 1750 H Street NW for $28.8 million last year.
For BXP, the disposition is described as part of a broader strategy to sell older office assets in Washington, D.C., Commercial Observer reports. The article_text cuts off as it continues that discussion.